Cairo – Mubasher: Glaxo SmithKline (GSK Egypt) reported a 56.6% year-on-year profit decrease during 2018.

Net profits plunged to EGP 49.92 million during the twelve-month period ended 31 December, compared to EGP 115.18 million in 2017, the company said in a statement on the Egyptian Exchange (EGX) on Thursday.

Meanwhile, revenues increased to EGP 1.62 billion last year from EGP 1.45 billion in 2017.

On the other hand, the cost of sales amounted to EGP 987.59 million in 2018, compared to EGP 904.14 million in the prior year.

As for standalone business, the company’s net profit tumbled to EGP 37.12 million last year from EGP 106.83 million in 2017.

It is noteworthy that during the first nine months of 2018, GSK Egypt’s net profits slid to EGP 129.53 million from January to September 2018, compared to EGP 235 million in the same period of 2017.